New Investor Looking to network with investors in NYC

[Gilbert Nyantakyi]

Hi BP, 

I'm a small investor in Brooklyn New York looking to network and meet other investors in the area. I currently own $970k in real estate and I'm looking to purchase two multifamily properties this year so that I can cross the $1.5-2M mark in real estate investment. I'm interested in getting other's opinions on the multifamily/real estate market in Brooklyn or anywhere in NYC for that matter. Is it worth getting into based on the price, types of tenants, laws related to rental properties in NYC etc?

Also, does anyone know of any accountability groups for real estate investors in NYC? 

Thanks in advance! 

[David Ginn]

Hi @Gilbert Nyantakyi

Pull to a cash position and go into lending or flipping, these are your best options. The market is going to correct and fall. DO NOT buy a house right now. Do not buy multifamily.

You're at the top of the market and it’s going to correct and fall. I won't wait for the perfect deal. It's critical right now that you take your cash and put it into lending with people who are flipping.

In the system, people are making 12% or 3.75 points that is 15.75 % or points a year on a deed, If you're going to be active in the system. Or you’ll get 20% of the equity share, so you do want to lend. With lending or flipping once, you're going to probably make 30-40% a year, if you're actively flipping and your full time.
Thank you